The Organisation of Petroleum Exporting Countries (OPEC), has revealed that Nigeria, Algeria and other members of the Organisation lost a cumulative revenue of about $1tn as a result of the crash in crude oil prices – which lasted from 2014 to 2016.

The Secretary General of the OPEC, Dr. Mohammed Barkindo, made this known at the headquarters of the Federal Ministry of Petroleum Resources during a visit to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in Abuja on Monday.

He added that the crisis in the oil sector was the worst ever in recent memory, adding that the industry globally lost about $1tn during the period of the oil price fall.

“In terms of the gravity of this cycle, crude oil prices have crashed by over 80 per cent from the fall of 2014 through January 2016. How you survived as a government and institutions under this industry remains a miracle. I’ve been to other countries and I saw how they are struggling, but you have weathered the storm,” he said.

Barkindo, however, explained that the shut-in of about 1.8 million barrels of crude oil per day within a period of six months by the 13 OPEC and 11 non-OPEC members paid off considering the rise in crude oil prices.

He said, “This industry globally has lost nearly $1tn in terms of differed projects and outright cancellation of projects across the supply chain: upstream, midstream and downstream. And this is the greatest threat that is facing future security of supply. We need consistent investments to maintain current production as well as grow the reserves.

“In terms of national revenues, since all our countries are dependent on this commodity, within OPEC alone, we have lost cumulatively about $1tn. Therefore, we, together with our OPEC friends, are determined to solidify this platform to maintain a stable environment and restore confidence for investors.”